Fitch upgrades Caixa Geral de Depositos

Fitch Ratings said it upgraded Caixa Geral de Depositos, SA’s rating to BB+ from BB.

“The upgrade reflects CGD’s continuous progress with the execution of its restructuring plan since 2017, which has led to material improvements in asset quality, operating profitability and capital to levels that are broadly in line with other mid-sized southern European banks. We believe the improved operating environment in Portugal has been supportive of problem asset reductions and to date has facilitated the achievement of the strategic objectives outlined in CGD’s 2017-2020 restructuring plan,” said Fitch in a press release.

The outlook is stable.

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